Swiss exports of gold to China in July rose to their highest since December 2016, Swiss customs data showed on Thursday, as demand in the world’s largest bullion market improved.
Switzerland shipped 80.1 tonnes of gold worth 4.4 billion Swiss francs ($4.6 billion) to mainland China, up from 32.5 tonnes in June and the second-highest monthly total in figures that stretch back to 2012.
Gold prices slipped below $1,700 an ounce in July from more than $2,000 earlier in the year as rising interest rates triggered selling by Western investors.
Retail consumers in markets like China often buy less when prices rise and more when they fall. China had also in July emerged from COVID-19 lockdowns earlier in the year.
The surge in shipments to China lifted Switzerland’s total gold exports to 186.2 tonnes in July, again the most since 2016.